The Hourly View for ODP
Currently, ODP’s price is up $1.19 (2.77%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
ODP’s Technical Outlook on the Daily Chart
At the time of this writing, ODP’s price is down $-0.54 (-1.2%) from the day prior. This is a reversal of the price action on the previous day, in which price moved up. Regarding the trend, note that the strongest trend exists on the 100 day timeframe. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. The chart below shows ODP’s price action over the past 90 days.
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